Investment strategy

The Investment
Fund for North-West Russia and Eastern Europe Ltd will co-invest with Norwegian
investors, on commercial and equal terms. Investments can be both equity and
debt. The mandate is to promote business cooperation between Norway and the mandate
area.

The
Investment Fund can invest in the following 18 countries (mandate area):
Russia, Ukraine, Belarus, Moldova, Georgia, Armenia, Azerbaijan, Kazakhstan,
Kyrgyzstan, Turkmenistan, Uzbekistan, Tajikistan, Serbia, Bosnia, North Macedonia,
Montenegro, Albania and Kosovo. This does not apply to EU countries. The
Investment Fund can also invest in the three northern counties in Norway; Nordland,
Troms and Finnmark, if the company has significant activity in any of the above-mentioned
countries.

Investments
into a single project is limited upwards to MNOK 40, and for one sector it is limited
to MNOK 70. The Investment fund can hold a maximum of 49% stake in individual
companies. Investments can be done either through share subscriptions and/or
facilitation of debt or convertible debt.

The Fund
will seek investments in a variety of industries, targeting companies in
attractive and growing sectors, which are professionally managed by dedicated
and trustworthy entrepreneurs and owners. The business and industry must not
violate our CR policy.